D-Day for Markets: Sept. 22, When Germans Go to the Polls

Crises will be staved off until then, whatever it takes. After that, things could unravel despite Draghi's vow.

It's been almost a year since European Central Bank President Mario Draghi made his now-famous pledge to do "whatever it takes" to save the euro. And showing that, in central banking these days words speak louder than actions, Draghi has "saved" the euro by shrinking the ECB's balance sheet by more than 20% in the past 12 months.

Yet, despite this Draconian squeeze, euro zone government bond yields have retreated sharply, which has had the effect of loosening the noose that was tightening around the...